Allowed

Icici Bank Limited v. Arun Kumar Singh

DRT23 Jan 2024OA/1137/2022

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed the applicant bank's application against two borrowers for recovery of loan dues of approximately Rs. 54.19 lakh. The court directed sale of hypothecated vehicle and granted injunction against property transfer.

What did the court decide?

Defendants directed to pay Rs. 54,19,875 plus interest; hypothecated vehicle and personal assets to be sold; recovery certificate issued; injunction granted against property transfer.

Icici Bank Limited versus Arun Kumar Singh — Contract and Commercial Disputes | DRT (2024)

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DEBTS RECOVERY TRIBUNAL : JABALPUR

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(for the States of Madhya Pradesh and Chhattisgarh)

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(Presiding Officer - Hon'ble Shri Ram Niwas Patet)

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Original Application No. - 1137122

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lClCl Bank Ltd., Surya Chambers, Ptot No.^-A109, Vyapar Vihar 495001 (C.G.)

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..... Appticant

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Versus

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Arun Kumar Singh, S/o Shri Vijay Narayan Singh, B-19, Shaktinagar Gevra Project Ward, Deepak, Korba (C.G.l495 452

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Shivajeet Singh,

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S/o Shri Mahendra Singh, Shahid Bhagat Singh Ward No.-2, Jyoti Nagar, Deepak, Katghora, Korba (C.G.) 495452

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..... Defendants

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Counsel for the Appticant : Shri Vivek Shukta, Advocate

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Defendants : Ex-parte

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JUDGMENT

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(Dated i 23'd Jinuary, 20241

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The Appticant-Bank has fited the present Original Apptication u/s 19 of Recovery of Debts and Bankruptcy Act on 07109/22 against the Defendants for recovery of Rs. 54,19,875.00 (Rupees Fifty Four Lac, Nineteen Thousand, Eight Hundred and Seventy Five onty) atong with interest and other reliefs as stated.

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The brief facts of the case are that on the request of Defendant No.-1 & 2, the Appticant Bank sanctioned Auto Loan of Rs. 64.56 Lac and in consideration of the same the Defendants in addition to execution of loan documents have atso hypothecated Commerciat Vehicle/TATA SIGNA 4018.s cR bearing Registration No.-cG1LAY/1879 & CG1LAYt1979. The Defendants avaited the credit facitity but failed to liquidate the outstanding dues despite issuance of Recatl Notice on 72102121 by the Appticant Bank. The Appticant-Bank has retied upon the documents at Ex. A-1 to A-9 which were proved by Shri ltyas Hussain, Debt Manager.

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oA 1137122

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Despite service of notice, the Defendants neither^{appeared nor} fited written statement. They were^{proceededex-parte vide order dated} 04l07l23. There is therefore,^{no reasonto disbetieve the contentionsof the} Bank. Considering the facts of the case, I^{opine that the Defendantsare} jointty and severatty tiabte to pay the ctaim amount together with interest and costs. The Appticant-Bank^{in its appticationhas ctaimed interest @10%} plus 24% p.a. additionat/defautt interest. However, I feet it^{fair and} reasonabte to^grant interest @10%^{p.a. simpte pendentetite and future titt} reatization of the dues. The hypothecated Commercial^{Vehicte/TATASIGNA} 4018.S CR bearing Registration No.^{-CG1LAYl1879& CG1ZAYl1979are tiabte} to be sold for recovery of amount^{due atongwith the personalpropertiesand} assets of the Defendants.

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The Originat Apptication is attowed and it^is ordered^{as under'}

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i) The Defendants do^{pay jointty} and severatty^{Rs. 54'19,875.00} (Rupees Fifty Four Lac, Nineteen Thousand, Eight^{Hundred and SeventyFive} onty) together with^{pendentetite and future interest@10%per annum simpte} from the date of fiting of the^{OA, i.e} .,^{07109122,with costs titt its} realization.

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ii) The Appticant Bank is entitted to^{setl the hypothecated} Commercial Vehicte/TATA^{SIGNA 4018.S CR bearingRegistrationNo.-} CG11AYt1879 &. CG1}AYt1979^{as wetl as personatproperties and assets of} the Defendants for reatization^{of its dues. The Defendants are hereby} restrained by means of^{injunction from depteting, transferring,} encumbering, atienating^{or in any way deating with their properties/assets} without first^paying the ctaim^{of the Applicant Bank.}

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iii) A Recovery Certificate^{be issued u/s 19(22\ of Recovery of} Debts and Bankruptcy^{Act. The appticant bank may fite a memo of cost} within 7 days for^{preparingRecoveryCertificate.}

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Judgment^{pronouncedin the oPencourt on this 23'd Day of January,2024.}

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( h 6a I 7 12 ( Niwas Patet) Presidine Officer

Icici Bank Limited v. Arun Kumar Singh

Case brief

What is this about?

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Icici Bank Limited v. Arun Kumar Singh

Case brief

What is this about?

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